Real Estate Trusts: Pros & Cons

Real Estate Trusts: Pros & Cons

Real estate trusts work hard for you because you’ve worked hard, bought a nice home and built up some equity in it. You are getting up in age and are considering placing the home into a real estate trust. You’ve heard that a real estate trust is the way to make sure that the house goes to a family member of your choosing if and when you pass.

Although placing the home into a trust will avoid the hassle of probate court and save on estate taxation, there are also some distinct disadvantages. In this article we will explore some of the pluses and some of the minuses of placing your home in a trust.

Trust Advantages

Senior real estate trusts

Probate Avoidance – if your home is in a trust at the time of your death it will not be included in your probated estate. That means the beneficiary listed in the trust will immediately take ownership of the property and any personal possessions (cars, furniture, TVs and projectors, bank accounts, etc.) that are placed in the trust along with it without going through the probate procedure.

Probate can be costly and nothing could be done with the home or possessions, like selling them, without the court’s prior approval.

With a trust, everything in the trust would be transferred immediately to the beneficiary and that person could proceed in any way and at any time that they choose.

Estate Tax Avoidance – upon your death, the state government will step in and tax the transfer of your estate. The tax is based o

n a percentage of the total value of the estate and the rate varies from state to state. This tax is paid out of the assets before the beneficiaries receive any distribution. Depending on the type of trust, a trust could prevent this from occurring.

Creditor Collections – let’s face it, when we die we don’t usually see it coming. There are usually some debts that still remain. A trust can also protect your home and property from being attached. Anyone you may have still owed money to may be able to attach your property.

Deed Transfer on Death – many states allow what is called a “transfer on death” deed. The problem with this deed is that if, by chance, a beneficiary dies before the grantor, or is a minor at the time of the grantor’s death, a “transfer on death” deed is no longer valid and the property would have to then go through probate. An additional problem with a death deed is that the property involved has to be a single-family home. What if you own an apartment building or commercial real estate? A trust would protect your property if a situation like this occurs.

Trust Disadvantages

Cost Disadvantages – designing a trust is more complicated than making a simple will. A lawyer’s assistance is recommended and they don’t work on the cheap. A trustee must be designated. There could be fees associated with the trustee for maintaining any paperwork from year to year. The are real estate trust transfer fees at the local level. When you transfer the title of your home from your own name and into the name of your trust.

Trust and Taxes – if your trust also includes other assets, such as an investment account or savings accounts, and they are not immediately distributed, tax returns must be filed annually. For instance, the beneficiary is to receive partial distributions when they reach certain ages. The trust remains in existence and is subject to income taxes. Also, there may be certain tax breaks available to a probated property that are not available to trusts.

One More Thing

What if you own the property jointly, say with a partner. If you die, your partner would automatically be granted complete ownership of the property. If this partner is not a family member, or the person who you would like to receive your share of the property, a trust will prevent this automatic transfer because the trust would “own” your share of the property. The trust didn’t die, just you. The trust would protect the named beneficiary’s interest in the property.

As you can see, there are many things to consider when establishing and funding real estate trusts. That’s why hiring an estate planning attorney is so important. There are several complications involved in setting up a trust properly.  A competent estate attorney can guide you through the entire process.

Your Home Assisted Living

Your Home Assisted Living

This is a concern for most seniors. How can you make sure the safest way to spend your golden years is also the most comfortable and most fulfilling? For those approaching retirement, there are plenty of options. For those managing an illness or a health concern, however, assisted living centers can be the best possible situation. But that requires some additional planning, especially when deciding what to do with the family home while your living or moving to assisted living.Your Home Assisted Living

Selling Your Home


Parting with your home can be difficult, especially if you have spent a lifetime there making memories. Yet, selling your home can also be a great way to stockpile cash for retirement.  Especially if you need to pay for an apartment at an assisted living facility. Living independently is important for many seniors,. Assisted living centers provide that independence along with necessary daily assistance. When moving to assisted living, it’s important to plan for the expenses you will need to cover.

A Place For Mom explains that prices in San Diego vary, but on average it can cost around $3,500 a month for a one-bedroom unit; the national average is closer to $3,700. The profits you earn from a home sale could help you cover all or a portion of your rent at an assisted living facility, making this a potentially great option.

Renting Your Property

Renting your home is another option if you aren’t ready to deal with trying to sell your property. This enables you to use the rental income to cover costs associated with assisted living. It’s important to note that to make this work you’ll need a property manager and enough in savings to cover any emergency repairs that come up. If you don’t have enough set aside, it could make it hard to pay for assisted living. This is especially true for seniors on a fixed income. In many cases though, the profits from renting out your home can pay for your stay as well as help cover additional healthcare costs. For example, purchasing durable medical equipment or prescriptions. Before considering this option, look at your monthly budget and carefully compare it with potential rental income and home maintenance. You will also need to take this information into account if you’re a Medicaid recipient.

Leaving Your Home with a Family Member

Letting a close friend or family member take care of your home can be a great choice for people who quickly move into an assisted living center. This allows you to keep property in your family, hold on to an estate for an inheritance.  You may buy yourself a little time before making a more permanent decision. Even in a hurried transition it’s important you do two things: have your family member sign a lease or other legal documents and tour several assisted living facilities to find the right fit. Choose one that addresses all your medical needs and health concerns. This will give you the quality of life you’d prefer. As you tour communities, you’ll want to ask questions like:

  • What is the resident-to-staff ratio?
  • Does the facility allow pets?
  • What’s the cost difference between a private apartment and a shared one?
  • What kind of social opportunities are available?
  • What are the meals like?
  • Do you have a family history of dementia, Alzheimer’s or other cognitive disorders?

There are many benefits associated with assisted living — from being able to participate in social activities to getting help with daily living activities. The costs are important to consider, and if you own property you might be able to use the income tied to it as a way to ease any financial burdens. Take the time to decide what’s best for you and your home, and get a plan in place as soon as you can. The sooner you prepare, the less likely you’ll have to maneuver around roadblocks and other obstacles as you make this significant transition.

 

A Quick Guide for Seniors Buying a Home in San Diego

Home buying is a complicated process no matter what your age, but for seniors searching for a property for retirement and beyond, there are a number of special considerations in play. Whether you’re new to the San Diego area and just beginning to look at properties or a local in the midst of downsizing, here are a few things you should keep in mind.

Gloria Roma helping seniors move
Gloria Roma works with adult children of seniors when their parents pass away

Picking the Right Location

San Diego is a big city made up of a lot of small neighborhoods. Depending on where you live, you may rarely need to leave the area around your home, or you might spend your whole day commuting. For seniors, travel times are less about getting back and forth to a job and more about proximity to hospitals, senior centers, and amenities. Before putting in an offer on your favorite property, take a look at what’s nearby, and think about how you’d get there. If you’ll be driving, you have a bit more freedom, but if you’ll be relying on public transportation, it’s essential to know which stores and parks are on the MTS routes.

Every neighborhood in San Diego comes with its own distinct vibe, too. Get artsy on the mural-lined streets of La Jolla, enjoy convenient access to the San Diego Zoo and Balboa Park in Hillcrest, embrace your bohemian side in Encinitas or keep exploring until you find the spot that feels right.

All About Amenities

Speaking of getting around, there’s a reason most retirement communities have club houses and other key amenities. The more amenities there are, the less transportation becomes an issue. Some communities keep it simple with a pool, gym and game room, while others go all out and include everything from a movie theater to a salon. If you love the great outdoors, look for a home with HOA-tended parks and walking trails. If you prefer spending your time indoors puzzling or reading, put a community library and arts-and-crafts studio at the top of your list.

Mind Your Budget

There’s a difference between how much you’ll pay for your mortgage each month and how much you’ll pay in total housing expenses. When you’re calculating your budget, remember the following:

  • Property taxes
  • HOA fees
  • Landscaping and property maintenance
  • Home insurance
  • Utility bills
  • Activity or facility fees (more common in retirement communities)

While many of these expenses apply to all home buyers, when seniors buying a home they are more likely to have a limited income and less able to accommodate sudden expenses. Living by the ocean is an incredible experience, but it comes at a cost. San Diego’s cost of living is above the national average, making it especially important to accurately estimate monthly expenses and choose a property accordingly.

Account for Accessibility and Mobility

Before you decide on a home, think about your current mobility needs and how you may be restricted in the future. Approximately 39.5 million Americans have some type of physical difficulty, and those struggles tend to increase in severity as we age. Choose a home you’ll be able to navigate even if you’re physically limited. Single-level homes are a good choice thanks to the lack of stairs, or, if you’re interested in a condominium or townhouse, look for units close to the elevator and parking.

Don’t Ignore Resale Value

Your opinion is the most important factor in your home-buying decision, but chances are you won’t be in your home forever. When you are seniors buying a home and you’re ready to try something new — a new city, neighborhood or style of living — it’ll be easier to offload a property that has wide appeal. San Diego may soon be a buyer’s market, (as of this post, July 2019) and a home customized to your tastes or with polarizing features is less likely to draw offers. Choose a popular neighborhood, invest in amenities and proximity to health care, hospitals, pharmacies

and weigh those unique attributes against your desire to one day make a quick and stress-free sale.

If you do eventually decide to transition from fully independent housing to more supportive senior care accommodations, you’ll have plenty of options. There are 77 assisted living facilities in San Diego proper and another 30 in the surrounding area.

Buying a home is a huge deal, but with a little forethought and a few compromises, you can retire in style and still enjoy all that San Diego has to offer.

This Weeks Family Business

This WeekSerra Mesa Bear Buns Bakerys Family Business

Thursday,  KUSI’s Allie Wagner was in Serra Mesa checking out the Bear Buns Bakery!

As Serra Mesa’s coffeehouse, we open our doors and invite our neighbors to come in and enjoy our yummy, home-baked goodies.

Our goal is to provide a warm and inviting gathering place to cultivate community. We offer the best locally roasted organic coffee, homemade baked goods, and other local products all served by our friendly staff.

Try our famous cinnamon rolls and customer-favorite bread pudding. We offer delicious smoothies in addition to our specialty teas and drinks including espresso, frappes and chai tea.

We are family-owned, operated, and supported. That’s right – we strive to make all our customers feel like family; that is what makes us this weeks family business.

Look for Bear Buns Bakery coupon in your local Serra Mesa magazine. Located in various areas throughout the community and delivered to select homes throughout Serra Mesa. Request yours today by contacting your local Serra Mesa real estate expert, Gloria Roma

619.993.3734 or Gloria@SanDiegohomesforsaleca.com

Interest Rates Steady; Home Buyers

The Federal Reserve decided Wednesday 3/20/19 to hold interest rates steady and indicated that no more hikes will be coming this year.

The announcement comes three months after the central bank said two hikes would be appropriate in 2019.
The central bank also says it will complete its balance sheet roll-off program at the end of the September.
The Fed also reduced expectations in GDP growth and inflation and a bump higher in the unemployment rate outlook.
As expected, the benchmark funds rate is kept in a range of 2.25 percent to 2.5 percent.

The good news for home buyers comes in a unanimous move that coincides with market expectations and demands, the central bank’s policy making Federal Open Market Committee took a sharp dovish turn from policy projections just three months earlier.

After the announcement, 10-year Treasury yields fell to their lowest level in a year. Committee members had estimated in December that two rate hikes would be appropriate in 2019 after four increases in 2018. They also pointed to at least another one before ending a round of policy tightening that began in December 2015.

However, there now appears to be no likelihood of a hike unless conditions change significantly. In its post-meeting statement, the FOMC indicated it would remain “patient” before adopting any further increases.

The Fed currently holds its benchmark funds rate in a range of 2.25 percent to 2.5 percent. The rate is used as a key for determining interest on most adjustable-rate consumer debt, like credit cards and home equity loans.

Economic forecasts downgraded

The move came along with reduced expectations in GDP growth and inflation and a bump higher in the unemployment rate outlook.

For a central bank not so long ago intent on normalizing policy from its financial crisis-era accommodation levels, the developments at this week’s meeting represent a striking change in direction.

The Fed had held its benchmark rate near zero for seven years as it looked to stimulate the housing market and overall economic activity. Its low-rate programs coincided with the longest bull market on record for stocks.

John Ernst: Reuters; Interest Rates Steady
Fed Holds Interest Rates Steady

However, Chairman Jerome Powell, and before him Janet Yellen, has sought to get policy back to a place where the Fed would have room to move in case of another pronounced economic downturn.

Along with the historic lows in rate came three rounds of bond buying that helped provide liquidity to financial markets. The program had pushed the Fed’s balance sheet to $4.5 trillion, which it has sought to lower through a program that allowed proceeds from the bonds to roll off each month.

Balance sheet unwind ending

That roll-off program also will conclude at the end of the September, a decision that also occurred in conjunction with financial market pressure on the Fed to stop tightening policy at a time when economic uncertainty is running high.

Fed officials now see economic gains of just 2.1 percent this year, down from the 2.3 percent estimate in December, and inflation reaching 1.8 percent, a 0.1 percentage point reduction.

The unemployment rate for this year is now seen at 3.7 percent, up 0.2 percentage points from December.

The lowered rate outlook was expressed in a sharp shift downward in the committee’s “dot plot” – a chart anonymously the expectations of each of the FOMC’s 17 dot-posting members.

In the previous quarter’s projections, just two members anticipated interest rates steady. That moved to 11 in the current plot. December’s meeting indicated 11 members believing two hikes would be appropriate. That shifted to two this time.

In the statement explaining its decision, the committee said economic activity “has slowed” even though the labor market remains “strong” despite February’s weak 20,000 growth in non-farm payrolls.

More specifically, the statement said “recent indicators point to slower growth of household spending and business fixed investment in the first quarter,” a period during which GDP gains are expected to be modest. Inflation also has “declined” due largely to a drop in energy prices, the statement added.

Jeff Cox 

Hiring Professionals for Home Improvement

Undertaking Due Diligence in Hiring Professionals for a Home Improvement Project

 You may be like a growing number of people who plans on undertaking a more substantial home improvement project at your residence such as a kitchen upgrade. Toward that end, you may be planning on essentially acting as your own contractor. In that capacity, you will be seeking out a variety of service providers and professionals to work on different aspects of your home improvement project. As a result, you need to understand the due diligence you must undertake when hiring professionals for home improvement on your home.

 

Conduct a Face to Face Interview when hiring professionals for home improvement

 An important, and surprisingly oftentimes overlooked step, part of the due diligence process is having a face to face interview with any professional you are considering hiring for the home improvement project. Currently, and largely due to the internet, many people hire professionals and service providers of all types online and without having any in-person interaction.

No matter how helpful the internet can be currently, a great deal can be ascertained when you meet with someone in person. This holds true when you need professionals to assist you with a home improvement project. In advance of such a face to face interview, you should take the time to prepare a written list of questions. By making a written list of questions, you will be far less likely to overlook an issue that you need to discuss with a person you are considering hiring for work on your home.

Undertake a Thorough Background Check

 

Another important aspect of the overall due diligence process when hiring professionals for home improvement project is to undertake a thorough background check. The background check should include an examination of criminal history.

 When it comes to criminal history, there may be some types of prior convictions that do not necessarily require excluding a person from working on a home improvement project at your home. Crimes involving fraud or theft are likely ones that potentially should preclude a person from working on a home improvement project at your home. You may also want to consider avoiding hiring a person who has a drinking or drug related crime. Precluding a person may also need to be based no only on thy type of crime but how long ago it was said to be committed.

 

Verify Insurance, Bonding, Certification when hiring professionals

 

The due diligence process associated with hiring professionals home improvement project also needs to include a verification of a insurance, bonding, and certification. You need to make certain that any person coming to work at your residence is properly insured and bonded. In addition, depending on the specific tasks a service provider will undertake at your home, you need to confirm that such an individual has appropriate certification of licensing to undertake a designate task.

Get References of professionals for home improvement 

 Another key element of a comprehensive a due diligence process is to get references from the individuals or businesses you are considering to hire to work on your residence. References can include former clients or existing colleagues of a service provider that you are considering retaining to work on your home improvement project.  Make certain that you do contact the references that you’ve obtained. Time and again, people in your position get the names and contact information from references; however, once armed with this information, many homeowners fail to reach out and contact these identified individuals to obtain a reference.

In addition to obtaining references from prospective individuals you’re considering hiring to work on your home, you may also want to think of obtaining recommendations from your family members, friends, and colleagues of different types. You should consider obtaining these recommendations upfront as you build a list of professionals for home improvement project.

 In the final analysis, by undertaking comprehensive due diligence, you will greatly increase the prospect that you will hire the best and most suitable people to work on your home improvement project. You will be able to pursue a cost-effective home improvement project surrounded by professional service provides who will assist you in meeting your goals and objectives.

Call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

9 Ways to Help Kids Thrive When Moving

9 ways to help kids thrive when moving shows compassion and helps them make a healthy transition.

Moving closer to the center of San Diego was on my mind when my brand new car hit 36,000 miles in the first year I owned it.  Our son was three at the time and was not attached to many things so we thought nothing of it. It’s when he began hugging our living room walls good-bye and asking if he could bring at least one of his toys with him to the new house that we realized he thought moving meant he left everything he owned behind.

One of the top major stressful transitions in life is moving your family home – right up there with death and divorce and no matter how resilient you or your children are or how used you are to moving, each move is a physical, social and emotional strain on everyone involved.

As adults, we have better coping mechanisms in place to be able to deal with moving because it’s usually our choice whether we decide to move. However, our children aren’t the ones who were involved in the matter and it’s usually scary because it’s a surprise or new information that they haven’t had a chance to fully grasp.

Some children are more affected than others and according to Psychology Today, children that suffer the most with a move are those who are introverted, have tendencies towards anxiety and inflexibility and are in the middle school years.

It is our job as parents to help our children prepare for the move and ensure a smoother transition. With the right tools and strategies in place, we can do just that. In our list of 9 ways to help kids thrive when moving is more about the tools of patience and strategies of love for them.

Here are some thoughts to help your children thrive during this transition.

 

1. Talk about the move early

When you find out about the move, discuss it with your children. There is nothing worse than letting them find out from an overheard conversation. Keep your kids informed every step of the way of what is happening and when, as it pertains to them. If they are much younger, still talk about it but don’t confuse them with dates. Prepare them for what it will feel like, look like and what will happen on the day and the months afterwards. Don’t dwell on it but talk about it so they’re prepared. If you move a lot, be upfront about how long you might be in one place and make the most of it.

2. Focus on the positives of the move

The positives for your kids and family will change for every move. It might be that you are going to be closer to family and friends, moving to a new location with lots of adventure and travel, more sporting opportunities, having their own bedrooms or making new friends. You might be moving to your own house or a bigger house or a better location.

Research the location together and find the best parks, restaurants and places to ride bikes (if that is what your kids are into). If you can’t go to location beforehand, Google Maps are great to see where you will live and what is around.

Focus on positives from the last move. When we moved to America, we lived in a suburban street and didn’t know anyone. We had to form our own community and while we were doing it. We relied on each other for entertainment and adventure and it has been pivotal for all other moves to remember this. Maybe the last move was easier because you already knew people there or know the location you were moving to.

3. Be super organized before and on move day

Ensure the house is move ready. If the kids are old enough, have them to help you put everything in place.

Prepare the kids for the day by talking about the timings, what happens and where the truck goes with all their belongings. If your kids are young, organize for them to be else where on the actual day everything is loaded onto the truck. It is hard when their favorite bike or bed is put onto the truck and they don’t understand where it is going.

4. Organize schools in advance

Getting your kids into the ‘right’ school is so important to a great transition. It may be the reason you’re family is moving in the first place.  If you know where you’ll be in advance find the schools and apply about a year early. Hedge your bets and apply to three or four schools that suit your family and your children. For example, if you are moving to San Diego or Carlsbad ask around and research three schools you can see your children going to in high school and do your best to apply to them as soon as possible.  Use sources like Greatschools.org or Niche.com and California School Dashboard to help you understand how schools are rated.

San Diego Unified School choice is from mid October to mid November every year for the following school year. Charter schools usually want you to have applied by early February in the spring prior. Great privkeep everyone involved in the moveate schools have at least a year wait list.

If your move is imminent and you know which school your child is going to, organize a school visit or attend an open house. Also, some schools dress code requires the children wear uniforms. Buy their uniforms before they start school so they can picture it.

Once your child is at school, make settling in socially and emotionally the number one focus. Academics will follow.

If your child has a supportive teacher, makes a good friend or two early on and enjoys the classroom – they will thrive. To facilitate this, be at school pick up to meet some of their friends and the other parents, organize playdates early on, find other community groups to join, take an interest in their new friends and talk about how their lunch was and who they played with. You may need to talk about strategies here with your child to help them make friends.

5. Validate EVERYONES emotions

All children will all react differently. Some will lash out with anger, other retreat, others cry – whatever it is, validate it as a real feeling and talk through it.

For example, if your child is sad because they will miss their friends, validate that feeling. Tell them is it completely normal to feel like this and you feel like it to. Talk about what they will miss about their friends and all the fun things they have done together. The worst thing to say here is ‘don’t worry, you will make new ones’. Right now, they don’t want to think about any new friends and it will probably spark more anxiety over leaving their friends to have to find new ones. Talk about their great ability to make friends and how easily they did it at this school.

A great resource for exploring emotions around moving is the movie ‘Inside Out’ – watching it may help your child name their feelings and talk to you about it.  This is only one of the 9 ways to help kids thrive when moving tips that will keep you and your family sane.

Validate them and talk to your children about how you are feeling (without over catastrophizing). Talk to them about what you do when you are sad or upset to help them with their own feelings.

6. Stay in control

If you are strong and in control – your children will be too. If you are positive – you will help your children to be positive. While it is a lot of added pressure for parents at move time, we are our children’s biggest role models currently and need to remember this.

There is so much to do physically that tensions can build at this time between you and your partner. Try to resolve them quickly and work together as much as you can. Your children will pick up on every little bit of stress and adversity and react accordingly.

This is where you can use your support networks to help. Ask a friend to pick up your kids on the days of your move or bring you dinner or come over with a coffee on move day. Don’t try to do it alone – others will help you to keep it together and stay strong for your families.

7. Keep boundaries, routines and habits in place as much as possible

As much as possible, keep you children’s regular boundaries, routines and habits in place, especially around morning and bedtime routines. If your kids clean their teeth and then you read them a story before bed – keep doing it. Remind them to use their manners, if it’s already considered a habit. Continue to feed them lunch at a certain time, do it. Keep meeting their needs as much as possible; otherwise this puts added strain on emotions and relationships.

Be prepared that some of this will slip because everything is every where and that is OK if you can get back to it as quickly as possible. When the rules and boundaries stay the same, your kid’s feel reassured this is a relatively normal thing to do.

8. Create a Special Ending

Saying goodbye to friends is an important step to finishing in one place and moving to the next. They feel significant and belonging from the community they have been part of and leave on a good note. You could organize a class leaving party after school, or invite a few friends over for a sleep over.

Taking an idea from someone else- consider having your children take a school shirt in for every student in their class to sign and also made up little ‘Stay In touch’ cards with their new address to hand out to friends. As a family, you might spend the last few weeks doing your favorite things while you are still in your current home, like going to your favorite restaurant or going to your favorite park.

This will cement the fun memories you have had in this location. Share Skype or social media contacts with the parents (or among the children if they are old enough) and promise to keep in touch. This tip of the 9 ways to help kids thrive when moving is my favorite.

9. Give your family at least 6 months to settle in

This is so easy to blow off!! It takes TIME to settle in.

Give yourself and your family at least 6 to 12 months to feel like you are part of the new location and communicate this with your children. Don’t expect that after a month or two, it will all be smooth running. It takes time to break into any community and form the friendships and to develop routines.

After you’ve read 9 ways to help kids thrive when moving shows compassion and helps them make a healthy transition and still have questions, call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

Read our hyper local magazine that focuses on one of San Diego’s most central family centered neighborhoods, Serra Mesa, here.

Aging in Community: A Guide for Seniors

Aging in community: A guide for seniors will help because it is becoming more prominent in society.  As we age, it becomes harder to live independently on our own. Our physical mobility begins to decline, which can make it difficult to do even everyday tasks like cooking and cleaning. As our memories begin to fail and more medications are added to our schedules, it can be difficult to remember how and when to take everything we need. Plus, it is common for many of our loved ones and friends to move away. This can easily cause us to become lonely, which can have harmful effects on our health. However, where and how we live as we age can have a huge effect on our independence level and overall wellness.

Let’s look at a few housing options to give you a clear view of your options

aging in community- san diego seniors

Senior Roommates

Seniors aging in community means sometimes living together as roommates.  This is becoming more and more common. HomeAdvisor reports, “As a matter of fact, a growing number of baby boomers are turning to shared living as an aging-in-place housing option. A 2014 AARP analysis of census data found approximately 132,000 households and 490,000 women over the age of 50 living with non-romantic peers.”

Not only does living with another senior allow you to split housing costs and save on your budget, but it can also provide you with a key source of companionship. After all, another senior will probably share many interests and might possibly understand your life better than many in the younger generations.

Having someone living with you while aging in community can also decrease your risk of a fall-related injury or overlooked illness. When you have someone else there while aging in community to watch out for you, it raises your overall health and can help you live a higher quality of life. Plus, according to A Place for Mom, loneliness is a serious problem for many seniors and can have disastrous health consequences.

Home Modifications

Not everyone feels comfortable aging in community with getting a roommate. However, especially when they do not know the person very well. If you want to age in community but are not interested in a roommate, it is important for you to make the appropriate modifications to your home to ensure that your changing needs are met. This can be done a lot easier than you might think.

According to Assisted Living Today, there are five must-have modifications that most seniors will need to live comfortably in their home: wider doorways, ramps, kitchen modifications, bathroom modifications, and flooring modifications. Of course, you do not have to do all of these modifications at once. If you are currently not having a problem using your kitchen, you probably do not need to modify it right away. However, you should plan on making these modifications to your home sometime within the near future.

Village-to-Village

 The village-to-village network is a community-based program that expands options for older adults so they can live more independently for longer. While all networks function independently and focus on the needs of their individual members, they are all member-driven and self-governing. The networks’ main function is to provide social activities that seniors can participate in, which lessens the likelihood of loneliness and enlists a network of volunteers to help seniors with daily things they can’t do themselves, such as yard work or walking the dog.

According to the New York Times, these villages is specific to aging in community and are a low-cost way to age in place and delay the added cost of assisted living. When you have such an in-depth network of volunteers who are willing to pick up your prescriptions and take you shopping, it allows you to live independently for longer. Plus, with events like storytelling and happy hour at local restaurants, you have plenty of opportunities to meet new people and make friends.

There are lots of options available for aging in community for seniors who want to age in place. One of the key problems with aging at home is the likelihood of loneliness, but by aging in community, these problems can be averted.

Call me or send me an email, I’ll be happy to help you sell your home when you are ready.

Gloria Roma

Call 726-999-0566

or Email Us

Photo Credit: Pexels

Importance Of Estate Planning for Seniors

Estate planning for seniors provides assurance and protection for you, your property, and your wishes. If you don’t have one, it should be at the top of your list. Even if you do have one in place, you should review it annually. When creating or updating your estate plan, there are a lot of considerations to make. Including decisions about your future medical care, final arrangements after death, inheritance and more.

Definition of Estate Planning

According to Caring.com, “Estate planning is a process in which individuals specify how their money and other property should be managed during life and after their deaths.” It also outlines directions about the type of medical care the individual would like to receive if they were unable to communicate those wishes.

In an estate plan, you can outline what property you wish to leave and to whom you’d like to leave it. You can indicate who you’d like to act as a guardian for any dependent children, as well as who should manage their assets. Naming a power of attorney and an executor are also important parts of a good plan. You can even specify how your outstanding debts and taxes should be paid and if you’d like to forgive any debts owed to you at death.

If You Don’t Have An Estate Plan

Without an estate plan, medical decisions could be left up to the doctors and/or your family, who may not make the same decisions as you. For example, if you were in a coma and didn’t want to be kept on life support, no one would know for sure unless it is outlined in your plan. And even if they know, they don’t have to abide by your wishes without a legally binding document.

Also, without good estate planning for seniors, your family and friend will decide final arrangements. Although they may try their best to honor your wishes, a good estate plan can take a lot of stress and pressure off of loved ones if they have your specific wishes outlined. In an good estate plan, you can specify where you’d like to be buried, or you can request to be cremated and state whether you’d like your ashes kept or spread in a specific location.

Assets distributed according to hierarchy instead of your plan

A lack of good estate planning for seniors also means your property and assets will be divided and distributed according to the hierarchy of survivors specified by your state’s laws. This includes property you own both outright and jointly (e.g., real estate, vehicles, jewelry, pets, bank accounts, stocks and bonds, and retirement accounts). It also includes interest and money you may receive later, such as securities dividends and insurance proceeds.

Of course, you don’t have to wait until you pass for some inheritances to be distributed. You can give your jewelry as a gift and set up trust funds while you’re alive. Likewise, you can transfer the title of your vehicles or house while you’re alive. For example, quitclaim deeds are often used when an elderly parent is giving a child a house.

A quitclaim deed is “a legal document that transfers ownership of a home from one party to another party.” Since quitclaim deeds are typically used between parties that have a prior relationship and the individual receiving the property isn’t paying.  The quitclaim deed offers no warranties or guarantees that the owner has good title or ownership, but simply conveys whatever interest exists when the deed is executed (transferred) and delivered.

Reviewing the Estate Plan

A specific rule about when you should review estate planning for seniors doesn’t exist. Experts typically agree that certain situations call for a revision. For example, you should review your plan immediately after a major life event, such as a divorce or the death of someone listed in your estate plan. It’s also advisable to do a quick review every year and a thorough review every five years.

Take the time to fully research and understand each part of estate planning, such as the power of attorney, final arrangements, and trust funds. Also, be sure you understand how your state’s laws impact estate planning. Speaking with a trusted attorney is always advisable when making legal decisions.

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Gloria Roma

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About Gloria

Gloria Roma helping seniors move
Gloria Roma works with adult children of seniors when navigating inherited real estate holdings.

 

Gloria is an accomplished Realtor with over 28 years of cumulative experience in real estate and finance. If you’re buying, Gloria knows how to help you, having been awarded as the TOP 3 Buyers Agent in America. If you’re selling, her showcased estates SELL for up to 18% higher with Gloria’s Proven Home Selling System.

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